Tuesday saw a partial recovery of yesterday’s losses in cryptocurrencies, as bitcoin momentarily dropped below $50,000 for the first time in six months.
The price of the leading cryptocurrency increased by 3.5% to $55,051.74. Ether increased to $2,457.73, up more than 2%.
Early on Tuesday, the markets generally gained, especially stocks that are correlated with the price of bitcoin. About 2% was contributed in premarket trade by Coinbase, MicroStrategy, Marathon Digital, and Riot Platforms, two mining businesses.
The sell-off occurred as carry traders unwound their bets, raising concerns about a potential U.S. economic crisis, high-level tensions in the Middle East, and growing unpredictability regarding the results of the U.S. presidential election.
Source (CNBC)
